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  • The Budget Impact of The Second Continuing Resolution
    Posted in HBC Publications on December 8, 2010 | Preview rr
    Tags: Appropriations

    The second continuing resolution [CR] for fiscal year 2011 is far more than a straight-forward, stop-gap spending bill. It is a sprawling, 423-page measure – with four “divisions” and 10 titles – that includes major policy changes, such as food safety legislation, well beyond the presumed intent to simply keep government agencies funded and running. Thus, the legislation – made necessary because not one of the regular appropriations bills for fiscal year 2011 has been enacted – is just another e... Read more

  • Fiscal Commission Statement
    Posted in HBC Publications on December 3, 2010 | Preview rr

    The Fiscal Commission has been a success. Due in large part to the leadership of the Co-Chairmen, Erskine Bowles and Alan Simpson, the Commission helped launch a critically important debate facing this country: how to get the Federal government’s fiscal house in order and ensure a prosperous future for coming generations of Americans. The task was extraordinarily difficult in an equally difficult environment. Despite the obstacles, the Co-Chairman successfully advanced a comprehensive and credib... Read more

  • Expanded Views on Fiscal Commission
    Posted in HBC Publications on December 3, 2010 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Economy / Financial

    President Obama established the National Commission on Fiscal Responsibility and Reform on February 18, 2010 and appointed Erskine Bowles and Alan Simpson to co-chair it. The Commission was charged with “identifying policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.” Specifically, the Commission was to propose recommendations for balancing the “primary” budget – excluding interest payments – by 2015, and for improving the governmen... Read more

  • A Long-Term Plan for Medicare and Medicaid
    Posted in HBC Publications on November 17, 2010 | Preview rr
    Tags: Entitlements: Health Care / Social Security , Economy / Financial

    Our Goal The Medicare and Medicaid programs are currently the primary drivers of upward pressure on the Federal budget. We aim to show a path to achieving the Co-Chairs’ goal of containing the growth this program to GDP +1 percent and to demonstrate that Republicans and Democrats can come together to reform entitlements. Proposal for Medicare Reform Create a Sustainable Medicare Program for the 21st Century A new Medicare program should be created for future retirees (those who first become elig... Read more

  • The Bipartisan Case for Entitlement Reform
    Posted in HBC Publications on October 13, 2010 | Preview rr
    Tags: Entitlements: Health Care / Social Security

    Political observers often refer to Social Security and Medicare as the “third rails” of politics: touch them and you die. This year is no exception. Once again, the political rhetoric has been dialed up to attack those advocating reforms to save these programs. Despite these politically motivated attacks, there is a broad consensus on the need for reform among non-partisan experts responsible for analyzing the financial condition of these programs. Consider the following: The non-partisan Social... Read more

  • The Continuing Resolution for Fiscal Year 2011
    Posted in HBC Publications on October 8, 2010 | Preview rr

    On 30 September 2010, President Obama signed a continuing resolution [CR] (Public Law 111-242), a stopgap measure to provide temporary funding for Federal agencies through 3 December 2010. Although its total spending is roughly the same as the past year’s, the CR exploits two already-scheduled spending declines to boost funding in other favored areas. Consequently, its bottom line is actually $8.4 billion higher than if Congress had simply frozen funding agency by agency. (Most of the spending i... Read more

  • Social Security: The Draconian Do-Nothing Plan
    Posted in HBC Publications on October 7, 2010 | Preview rr
    Tags: Entitlements: Health Care / Social Security

    Social Security helps fulfill the promise of retirement security for millions of America’s seniors. Serving a critical component of the “three-legged stool” for retirement (along with personal investments and employer pensions), Social Security is in dire need of reform in order to make good on the promises made to current and future beneficiaries. Social Security’s own actuaries continue to warn of its unsustainable growth, with a $5.4 trillion unfunded liability and cash deficits that will soo... Read more

  • The Budget Record of the 111th Congress
    Posted in HBC Publications on September 29, 2010 | Preview rr
    Tags: Taxes, Economy / Financial

    After 21 months of controlling both the White House and Congress, here is what the Democrats have done: Failed to Support Jobs and Economic Growth. More than a year-and-a-half after adoption of the $814-billion “stimulus,” job creation remains anemic and economic growth is slowing. Increased Spending, Taxes, Deficits, and Debt. With their relentless expansion of government, the President and Congress have increased Federal spending by $2.1 trillion. The President’s budget produces unsustainable ... Read more

  • The Impact of Looming Tax Increases
    Posted in HBC Publications on September 23, 2010 | Preview rr
    Tags: Taxes, Economy / Financial

    With a huge tax increase scheduled to begin in January, the debate has been turned upside down, distorting the picture of what is at stake – especially in light of the unprecedented deficits burdening the Federal budget. The way the subject is framed has created a bias toward higher taxes, and has clouded the critical issue of how to maintain a climate favoring needed economic and job growth. To understand the subject properly, the following points are critical: Higher Taxes Stifle Growth. Highe... Read more

  • The Small Business Jobs and Credit Act
    Posted in HBC Publications on September 22, 2010 | Preview rr
    Tags: Taxes, Economy / Financial

    As small businesses grapple with a sluggish economy, a 9.6-percent unemployment rate, mounting costs from the recently passed health care legislation, and tax hikes that could arrive on New Year’s Day, the administration and Congressional Majority have conjured what they consider a solution: a bill with more government spending. This time they are creating a new $30-billion small-business loan fund, expanding the size and scope of lending by the Small Business Administration, and providing tempo... Read more